Most home loan applications will ask you to state your credit history, whether it is a loan from your bank, a mortgage broker, a bank or a credit card provider. These lenders all have different ways of collecting and storing information on your credit history. The data you provide will have an impact on whether you can get approved for a loan and for what amount. Concise Finance Lifetime Mortgage With No Fees
How to get first time Mortgage
First time home buyers are often eager to take the plunge and find a home they love, but not everyone realizes that applying for a mortgage is a fairly in-depth process. In fact, there are many options to consider when it comes to taking out a mortgage — from the type of loan to the duration. But first, let’s start with finding a home you want to buy. It’s important to do your research and find a home that you’ll love for years to come, because your mortgage is a long-term investment. Once you’ve found the perfect house, it’s time to start thinking about the mortgage process. Whether you’re a first-time home buyer or a seasoned pro, applying for a mortgage can be a complicated process. So, we’re here to help you make it as simple as possible. Here’s a step-by-step guide to help you get the financing you need.
How much do you need for a first mortgage deposit?
If you’ve never applied for a mortgage before and you’re now ready to buy a home, chances are you’re going to have to put up a deposit, too. When looking at mortgages, you’ll notice that the initial amount that you need to put down is referred to as a ‘reservation’. This is the amount that you need to put down in order to reserve a home. This is different to the ‘deposit’, which is the amount of money you need to actually secure the property. The deposit is the amount that you’ll have to pay when you exchange contracts, while the reservation is the amount that you have to pay when you apply for the mortgage. It’s also worth noting that a deposit is a percentage of the property value. However, a reservation is always an amount of money. The reservation will depend on the mortgage lender, but it’s usually around 10 percent of the property’s value. For example, if the property is worth £200,000, the reservation will be £20,000. The good news is that the reservation is usually only payable when you’re ready to move into the property. This means that you don’t have to find a large lump sum straight away.
What are the mortgage requirements?
The mortgage requirements are the criteria that you need to meet in order to get the mortgage. These will vary from lender to lender and will be set depending on how much money you are borrowing and what type of mortgage you are applying for. Some of the common mortgage requirements are income, credit history, employment status and the value of your property.
Help to Buy a mortgage.
Understanding how the Help to Buy scheme works can be confusing to some people. The first thing to note is that there are two types of Help to Buy mortgage. A Help to Buy equity loan, which is a new type of mortgage the Government has introduced to help first time buyers get on the property ladder. The loan is interest free for the first five years and is based on the value of the property. The second type is a Help to Buy mortgage guarantee, which helps borrowers get a mortgage but only applies to new-build homes.
